The Wall Street Journal reports,"European shares retreated from six-year highs Monday, ending down asUkraine and Russia tensions flared up and a selloff in technology stocks on Wall Street spilled over into global markets.
The Stoxx Europe 600 index snapped a nine-day winning streak to end down 1.24%, with the technology subindex falling 2%. The decline come as highflying tech stocks around the world register widespread losses as investors question fast-rising valuations".
“These stocks lost touch with what we would call reasonable valuations some time ago,” said Erwin Sanft, head of Chinese equity strategy for Standard Chartered in Hong Kong.
After ending 2.6% lower Friday, the tech-heavy Nasdaq index remained under pressure Monday and was most recently down 1.2%.
In other news, Russian assets came under renewed pressure after antigovernment protesters calling for closer ties with Moscow seized regional government headquarters in two cities in Ukraine’s east Sunday
